As people gather in advance of today’s Senate insurance committee hearing Steve reports Commission Chaney has announced several items with respect to State Farm’s participation in the insurance market here in Mississippi. Today is an unbelievably busy news day.
The Farm’s Hurricane deductible will be reduced from 5 to 2% and the Farm will resume writing renters policies in the upper 3 coastal counties. The focus is evidently on EA (agent) revenue enhancement as the Farm’s sales force has been hamstrung for the past couple of years by terrible claims handling and the Farm’s refusal to write new HO (Home Owners) policies here.
I’ll update this post as news trickles in. Steve asked me to pass along his regards to the Senate committee. 😉
Update: Continue reading “Live Blogging from the State Senate Hearing: News from the Farm (Update)”
Rock of ages cleft for Floridee’
we will no longer hide ourselves behind thee;
let the tears and the blood,
from the wounded policyholders which flowed,
be the sin of the perpetrator;
save us from that wrath and make me pure
As our wayward brothers and sisters come home it appears the Farm has met it’s match in Commissioner McCarty at FLOIR. Daniel Hays at the National Underwriter has the Farm slam:
In an unusual action, the head of a small, rival carrier has issued a statement slamming the decision by insurance giant State Farm to drop its Florida property business as “disgusting.”
The critical comment from Mike Gold, chief executive officer of Boca Raton, Fla.-based Peoples Trust Insurance Company, was coupled with an announcement that he and Florida officials will shortly unveil a plan to fix the state’s insurance market.
His comments followed State Farm’s announcement yesterday that a “weakened financial position” was forcing it to stop selling homeowners insurance after its request for an average 47.1 percent rate increase was denied.
State Farm, Florida’s largest private property insurer, said that within two years it will phase out more than 1.2 million home and condominium policies.
Mr. Gold said it “is absolutely disgusting what State Farm is doing, abandoning Florida homeowners after profiting for years on their policies.” Continue reading “Industry Schism! State Farm Blasted by Florida Competitor”
What a sad day for the Mississippi Coast. The investigation has been lengthy and no doubt very thorough. This case boils down to Warr’s place of residence when Katrina hit. The feds evidently are not buying into the story he lived on the beach when the storm hit. Here is the indictment courtesy of Yallpolitics. Now the mayors of the two largest cities in the State are under federal indictment.
The Sun Herald coverage is here. “Uncle Walter” will be the judge. 😉
Insurance fraud is part of the mix per counts 13-16. According to the indictment he and the Mrs defrauded Lexington Insurance.
We have a new post examining a civil case released today by the 5h Circuit Court of Appeals that deals with a Katrina residency issue. It can be found here.
Each new president traditionally replaces his predecessor’s U.S. attorneys with new appointees. Obama has not yet nominated anyone. But according to sources close to the process, administration staffers have solicited recommendations from some members of Congress about who the new U.S. attorneys will be.
Those recommendations primarily come from the senior Democratic senator in each state. In states where both senators are Republicans, the administration is working with the state’s most senior Democrat in the House.
If that blurb from the NPR story on US Attorney selection is true, then Gene Taylor will be the man here in Mississippi as we have 2 GOP senators.
As they say on the finance boards, his a$$hole is twitchin’. I won’t post the link, you’ll have to trust me on that.
Apologies in advance to anyone who’s sensibilities are offended by the salty talk.
ps. I miss CG
H/T Steve for the new jingle.
Type State Farm in our search box for the myriad of ways the Farm fleeced it’s customers here after Katrina. If ou want to know what Mississippians who have dealt with the Farm first hand think click here and scroll to the comments. These two sum it up:
All coastal states should band together and tell State Farm and the others, if they are a full line insurance company they cannot cherry pick. I am afraid our new ins. commish. will just roll over too.
Why would anyone anywhere in the nation want to insure with State Farm? Can’t people see what’s going on. I know that after Katrina, SF held their rates for awhile because they were trying to save a little of the terrible reputation they had left. These b_____ds need to be in a MS jail, not in the insurance business. Nope, never had SF insurance, no grudge, just can smell a rat from a mile away.
So it could be worse folks. Your insurance commish could be captured by the industry he is supposed to regulate like ours in Mississippi who indeed has done a great job working for State Farm. (Vid capture coming soon, Commissioner McCarty will love it. ;-).